MKT 487 Test 1 Questions With
Complete Answers
"How fillfhy marketinges they use, how unhonest gaines they make with their
massinges" - ANSWER Oxford english dictionary, 1561
Marketing is the - ANSWER the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have value
for customers, clients, partners, and society at large
Marketing is about - ANSWER the determination of consumers needs and wants
and the delivery of products designed to provide mutually agreeable exchange
relationships based on value
The 4 P's - ANSWER 1. Product
2. Price
3. Place
4. Promotion
Beyond 4 P's - ANSWER 1. People
2. Process
3. Physical evidence
Product - ANSWER What I am selling including features, advantages, and
benefits that customers can enjoy from buying your goods or services
Price - ANSWER refers to the pricing strategy for products and services
Promotion - ANSWER activities that communicate the merits of the product and
persuade target customers to buy it
Place - ANSWER where your product and services are seen, made, sold or
distributed
People - ANSWER refer to the staff and salespeople who work for your business
Process - ANSWER involved in delivering your products and services to
customers
physical evidence - ANSWER refers to everything your customers see when
interacting with your business
, Need - ANSWER consumers desire fora product/service specific benfit
Want - ANSWER is the desire for products/services that are not necessary, but
which customers wish for
Value - ANSWER A customer's subjective assessment of benefits relative to
costs in determining the worth of a product
core benefit - ANSWER Most fundamental level that satisfies customers' needs
expected benefit - ANSWER your person winning. the probability of your vote
being the deciding vote is about 0. but there is a goodwill feeling, a
psychological benefit.
Augmented Benefits - ANSWER benefits beyond what you expected and may
offer value, surprise or excitement
potential benefits - ANSWER benefit are often implied or imagined and create
emotional reactions in the customers
-Often stir the most emotion and make the sale
"There are human knowing, there are things we know be know" - ANSWER
Donald Rumsfield
-Decision making under conditions of uncertanity
Amos Tversky and Daniel Kahneman - ANSWER • Nobel Prize (2002)
• "Thinking Fast and Slow" (2011)
• "The Undoing Project" (2016)
anchoring bias - ANSWER The tendency to allow initial information to have a
greater impact on decisions than deserved
Average height of mature redwood tree - ANSWER between 200 and and 240 ft
Do more words in English begin with "r" or have "r" as the third letter? -
ANSWER Three times more words have "r" as the third letter than begin with "r"
Availability Bias - ANSWER Occurs when people make judgments about the
probability of events by how easy it is to think of examples
Representativeness Bias: - ANSWER The use of categories to aid in minimizing
cognitive processing.
Groupthink - ANSWER Refers to people doing certain things because other
people are doing them, regardless of their own beliefs, which they may ignore or
override
Complete Answers
"How fillfhy marketinges they use, how unhonest gaines they make with their
massinges" - ANSWER Oxford english dictionary, 1561
Marketing is the - ANSWER the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have value
for customers, clients, partners, and society at large
Marketing is about - ANSWER the determination of consumers needs and wants
and the delivery of products designed to provide mutually agreeable exchange
relationships based on value
The 4 P's - ANSWER 1. Product
2. Price
3. Place
4. Promotion
Beyond 4 P's - ANSWER 1. People
2. Process
3. Physical evidence
Product - ANSWER What I am selling including features, advantages, and
benefits that customers can enjoy from buying your goods or services
Price - ANSWER refers to the pricing strategy for products and services
Promotion - ANSWER activities that communicate the merits of the product and
persuade target customers to buy it
Place - ANSWER where your product and services are seen, made, sold or
distributed
People - ANSWER refer to the staff and salespeople who work for your business
Process - ANSWER involved in delivering your products and services to
customers
physical evidence - ANSWER refers to everything your customers see when
interacting with your business
, Need - ANSWER consumers desire fora product/service specific benfit
Want - ANSWER is the desire for products/services that are not necessary, but
which customers wish for
Value - ANSWER A customer's subjective assessment of benefits relative to
costs in determining the worth of a product
core benefit - ANSWER Most fundamental level that satisfies customers' needs
expected benefit - ANSWER your person winning. the probability of your vote
being the deciding vote is about 0. but there is a goodwill feeling, a
psychological benefit.
Augmented Benefits - ANSWER benefits beyond what you expected and may
offer value, surprise or excitement
potential benefits - ANSWER benefit are often implied or imagined and create
emotional reactions in the customers
-Often stir the most emotion and make the sale
"There are human knowing, there are things we know be know" - ANSWER
Donald Rumsfield
-Decision making under conditions of uncertanity
Amos Tversky and Daniel Kahneman - ANSWER • Nobel Prize (2002)
• "Thinking Fast and Slow" (2011)
• "The Undoing Project" (2016)
anchoring bias - ANSWER The tendency to allow initial information to have a
greater impact on decisions than deserved
Average height of mature redwood tree - ANSWER between 200 and and 240 ft
Do more words in English begin with "r" or have "r" as the third letter? -
ANSWER Three times more words have "r" as the third letter than begin with "r"
Availability Bias - ANSWER Occurs when people make judgments about the
probability of events by how easy it is to think of examples
Representativeness Bias: - ANSWER The use of categories to aid in minimizing
cognitive processing.
Groupthink - ANSWER Refers to people doing certain things because other
people are doing them, regardless of their own beliefs, which they may ignore or
override
